Pyramid Oil Company Reports First Quarter Financial Results

Marketwired

BAKERSFIELD, CA--(Marketwired - May 14, 2013) -  Pyramid Oil Company (NYSE MKT: PDO) today announced financial results for its first quarter ended March 31, 2013.

First quarter revenue was $1.0 million versus $1.4 million in the same quarter of fiscal 2012. The decrease was attributable to lower crude sales volumes versus the year-ago first quarter, and lower crude oil prices, which declined by $5.53 per average barrel of oil equivalent (BOE) to $106.29 from $111.82 per average BOE in the 2012 first quarter. 

Operating income was $164,000 versus $457,000 in the first quarter last year. Net income was $113,000, or $0.02 per share, versus $372,000, or $0.08 per share, during the same quarter in 2012. 

Pyramid ended the first quarter with cash, cash equivalents and short-term investments of $6.0 million, total current assets of $7.1 million, and working capital of $6.4 million. The Company also reported long-term assets in the form of certificates of deposit of $1.1 million. Current liabilities at March 31 were $680,000 and total liabilities were $2.0 million. Stockholders' equity at the end of the quarter was $10.8 million.

"We remain focused on advancing our previously discussed 2013 drilling program, which principally involves re-entering various wells on our Delaney Tunnell property in Santa Maria, California," said John Alexander, president and CEO. "We are currently working to secure the required State drilling permits and a contract rig, and hope to commence drilling operations during the second half of the year."

About Pyramid Oil Company
Pyramid Oil Company has been in the oil and gas business continuously since incorporating in 1909. Pyramid acquires interests in land and producing properties through acquisition and lease, and then drills and/or operates crude or natural gas wells in an effort to discover or produce oil and/or natural gas. More information about the Company can be found at: http://www.pyramidoil.com.

Safe Harbor Statement
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995, including statements regarding the completion and testing of wells. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Factors that could cause or contribute to such differences include, but are not limited to the value of crude oil or the performance of wells.

 
PYRAMID OIL COMPANY
STATEMENTS OF OPERATIONS
(UNAUDITED)
         
    Three months ended March 31,
    2013   2012
             
REVENUES:            
  Oil and gas sales   $ 1,007,803   $ 1,369,058
             
COSTS AND EXPENSES:            
  Operating expenses     434,438     429,941
  General and administrative     222,141     211,016
  Taxes, other than income and payroll taxes     30,397     47,421
  Provision for depletion, depreciation and amortization     112,979     181,156
  Accretion expense     10,379     13,087
  Other costs and expenses     33,225     29,805
               
      843,559     912,426
             
OPERATING INCOME     164,244     456,632
             
OTHER INCOME (EXPENSE):            
  Interest income     10,311     10,690
  Other income     0     0
  Interest expense     0     -426
             
      10,311     10,264
INCOME BEFORE INCOME            
TAX PROVISION     174,556     466,896
  Income tax provision            
    Current     5,769     48,400
    Deferred     56,100     46,400
      61,869     94,800
             
NET INCOME   $ 112,687   $ 372,096
             
BASIC INCOME PER COMMON SHARE   $ 0.02   $ 0.08
             
DILUTED INCOME PER COMMON SHARE   $ 0.02   $ 0.08
             
Weighted average number of common shares outstanding     4,688,085     4,683,853
             
Diluted average number of common shares outstanding     4,688,085     4,687,033
 
 
 
PYRAMID OIL COMPANY
BALANCE SHEETS
         
ASSETS
         
         
    March 31,   December 31,
    2013   2012
    (Unaudited)   (Audited)
             
CURRENT ASSETS:            
  Cash and cash equivalents   $ 3,827,960   $ 3,834,097
  Short-term investments     2,137,040     2,135,709
  Trade accounts receivable     468,564     375,090
  Income taxes receivable     67,069     73,069
  Crude oil inventory     116,666     82,180
  Prepaid expenses and other assets     201,135     257,370
  Deferred income taxes     264,400     264,400
               
    TOTAL CURRENT ASSETS     7,082,834     7,021,915
             
PROPERTY AND EQUIPMENT, at cost            
  Oil and gas properties and equipment (successful efforts method)     20,044,387     20,007,453
  Capitalized asset retirement costs     425,978     425,978
  Drilling and operating equipment     2,058,744     1,966,750
  Land, buildings and improvements     1,098,918     1,098,918
  Automotive, office and other property and equipment     1,202,544     1,202,544
               
        24,830,571     24,701,643
  Less: accumulated depletion, depreciation, amortization and valuation allowances     -21,066,303     -20,953,324
               
  TOTAL PROPERTY AND EQUIPMENT     3,764,268     3,748,319
             
INVESTMENTS AND OTHER ASSETS            
  Long-term investments     1,108,968     1,101,526
  Deferred income taxes     565,700     621,800
  Deposits     250,000     250,000
  Other Assets     17,380     17,380
               
  TOTAL INVESTMENTS OTHER ASSETS     1,942,048     1,990,706
               
    TOTAL ASSETS   $ 12,789,150   $ 12,760,940
 
 
 
PYRAMID OIL COMPANY
BALANCE SHEETS
         
LIABILITIES AND STOCKHOLDERS' EQUITY
         
         
    March 31,   December 31,
    2013   2012
    (Unaudited)   (Audited)
             
CURRENT LIABILITIES:            
  Accounts payable   $ 191,426   $ 226,759
  Accrued professional fees     89,838     120,000
  Accrued taxes, other than income taxes     70,407     70,407
  Accrued payroll and related costs     72,978     58,954
  Accrued royalties payable     205,892     204,509
  Accrued insurance     49,348     94,116
               
    TOTAL CURRENT LIABILITIES     679,889     774,745
             
LONG TERM DEBT, net of current maturites     0     0
             
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS     1,338,240     1,327,861
             
    TOTAL LIABILITIES     2,018,129     2,102,606
             
COMMITMENTS AND CONTINGENCIES            
             
STOCKHOLDERS' EQUITY:            
  Preferred stock-no par value; 10,000,000 authorized shares; no shares issued or outstanding     0     0
  Common stock-no par value; 50,000,000 authorized shares; 4,688,085 shares issued and outstanding     1,682,971     1,682,971
  Retained earnings     9,088,050     8,975,363
             
    TOTAL STOCKHOLDERS' EQUITY     10,771,021     10,658,334
             
             
  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 12,789,150   $ 12,760,940
             
Contact:
CONTACTS:
John H. Alexander
President and CEO
Pyramid Oil Company
661-325-1000

Geoff High
Principal
Pfeiffer High Investor Relations, Inc.
303-393-7044
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